Latest news with #IsleofMan-based
Yahoo
28-04-2025
- Business
- Yahoo
MGM Resorts International Stock Rises on Strong Q1 BetMGM Results
MGM Resorts International said BetMGM's Online Sports and iGaming revenue soared in the first quarter. The BetMGM joint venture with Entain plc reported a 34% year-over-year increase in total revenue. BetMGM affirmed its full-year revenue outlook of $2.4 billion to $2.5 of MGM Resorts International (MGM) gained Monday when the casino and hotel operator reported strong demand for its BetMGM sports betting and online gaming platform. The company said BetMGM, jointly owned with Isle of Man-based Entain plc, posted first-quarter revenue of $657 million, 34% higher than a year ago. It was driven by a 68% jump in Online Sports to $194 million and 27% rise to $443 million in iGaming. It added that BetMGM had positive Q1 EBITDA, and "underlying trends reaffirm confidence that FY 2025 will be EBITDA positive." BetMGM CEO Adam Greenblatt said that the year "is off to an encouraging start," building on momentum from the second half of 2024 even with "unfavorable sports outcomes during key moments in the quarter." BetMGM said that the performance so far in 2025 "provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year." It reaffirmed its outlook that full–year revenue will come in at $2.4 billion to $2.5 billion. Shares of MGM Resort International, which reports results Wednesday, rose more than 2% but are down about 7% for the year. Read the original article on Investopedia
The Guardian
26-02-2025
- Business
- The Guardian
Covid inquiry to hear evidence about Michelle Mone-linked firm in private
The Covid inquiry will hear detailed evidence about the multimillion-pound PPE contracts awarded during the crisis to a company linked to the Conservative peer Michelle Mone, but in private, the inquiry chair has ruled. The National Crime Agency has since May 2021 been investigating potential criminal offences committed in the procurement of the contracts awarded to the company, PPE Medpro, and argued that its investigation could be prejudiced if the inquiry heard evidence in public. Lady Mone and her husband, the Isle of Man-based businessman Doug Barrowman, denied for years that they were involved with the company, until in December 2023 they publicly admitted their involvement. Both Mone and Barrowman have denied any criminal wrongdoing. Last December as the Covid inquiry, chaired by Lady Hallett, prepared to examine the government's procurement of vital medical supplies during the Covid crisis, the NCA applied for all evidence relating to PPE Medpro to be excluded. Lawyers representing families whose relatives died during the crisis have argued that the inquiry should hear fuller evidence about the government's procurement and its controversial 'VIP lane', including PPE Medpro, and criticised the NCA's application. Media organisations including the Guardian and the BBC argued that the NCA was overstating the risk of prejudice to its criminal investigation, given the amount of information already in the public domain. In her ruling, Hallett said she had read 'sensitive' evidence provided by the NCA and did accept there was 'a risk of harm or damage to the possible criminal proceedings' if evidence were heard in public, apparently because it could prejudice the opinions of people who in future might sit on a jury. 'The risk arises from placing into the public domain, including to potential jurors, written and oral evidence which may be in issue in any criminal proceedings, if charges are brought,' she ruled. However, Hallett rejected the NCA's application for PPE Medpro to be excluded from the inquiry, and ruled instead that the evidence will be heard in a closed session, attended by a maximum of five journalists, with the evidence only to be made public at the end of any possible criminal proceedings. PPE Medpro was awarded two contracts worth a total of £203m in May and June 2020, to supply millions of face masks and sterile surgical gowns, as the government implemented emergency measures to fill PPE stockpiles. The contracts were processed through the government's 'VIP lane', which gave high priority to companies with political connections. In March 2022 the Guardian revealed that Mone had made the first approach, offering to supply PPE, to the then Cabinet Office ministers Michael Gove and Theodore Agnew, who were at the time responsible for procurement. Agnew then referred the offer to civil servants who were operating the high-priority lane. In November 2022, the Guardian revealed that leaked documents produced by HSBC bank showed that Barrowman had been paid at least £65m from the profits of PPE Medpro, and had then transferred £29m into an offshore trust set up for the benefit of Mone and her three adult children. In an interview with the BBC's Laura Kuenssberg in December 2023, Mone and Barrowman acknowledged that they had been involved with the company, and had lied to the media. Barrowman confirmed that he had made more than £60m profit, and had transferred money into the trust; the couple said his children were beneficiaries of the trust as well. The Covid inquiry's examination of procurement is expected to include the VIP lane, but the bereaved family groups have expressed disappointment that the inquiry has not sought evidence directly from companies that received contracts. The inquiry also heard in December that government departments had been slow to provide details, explaining this was due to the way documents are stored, and changes of staff. The Covid inquiry's public hearings of evidence relating to procurement are due to start on 3 March.
Yahoo
17-02-2025
- Business
- Yahoo
Owner challenges order to sell land to community group
A landowner is challenging a Scottish government decision to force it to sell a patch of overgrown ground to a community group. Forthtay Ltd does not want to sell the strip of land in St Andrews to Poet's Neuk, which plans to turn it in to a public garden dedicated to Mary Queen of Scots. But those behind the Isle of Man-based trust were compelled to do so by ministers under the terms of land reform laws, which came into force in 2020. It is the first time the legislation has been used to force a community buyout of land, and the Scottish government will defend its decision in a case starting at Dundee later. And, if the appeal is denied, lawyers for the trust say it may have a "ground breaking" implications for land ownership in Scotland. Poet's Neuk said the land - at the corner of Greyfriars Garden and St Mary's Place - was gifted to the Fife town by Queen Mary prior to her abdication in 1567. The group said in recent years it has been the scene of anti-social behaviour and drug taking and also has an issue with vermin. Poet's Neuk was granted planning permission from Fife Council to transform the land - which sits within St Andrews' conservation area - into a public garden, complete with a statue of Queen Mary. In 2018 it was awarded the right to buy the land under the Land Reform (Scotland) Act 2016. A provision added to the legislation in 2020 stated "abandoned, neglected or detrimental" land can be bought by a community organisation via compulsory purchase if it is judged to be in the "public interest" for it to do so. That was granted to the group in 2023. But lawyers acting for Forthtay, which was previously known as Optimus Fiduciaries Ltd, said several of its previous planning applications for the site were rejected by Fife Council. The latest application was for a coffee kiosk on the land inside a converted horsebox. It was unanimously refused after attracting more than 40 objections. Lawyers also said previous plans to curb anti-social behaviour on the site were turned down by the council. MML Law, based in Dundee, warned the outcome of the case would have "national implications". A spokesman said: "The owners are now essentially being accused and found guilty of effectively neglecting the land and thus being required to forfeit ownership against their wishes. "This is a groundbreaking case which could have far reaching consequences for many around Scotland. "Any property owner in Scotland would be well advised to pay very close attention to the provisions of this act and how this case unfolds." The Scottish government said it could not comment on live cases.
BBC News
17-02-2025
- Business
- BBC News
Owner challenges order to sell patch of land to St Andrews community group
A landowner is challenging a Scottish government decision to force it to sell a patch of overgrown ground to a community Ltd does not want to sell the strip of land in St Andrews to Poet's Neuk, which plans to turn it in to a public garden dedicated to Mary Queen of those behind the Isle of Man-based trust were compelled to do so by ministers under the terms of land reform laws, which came into force in is the first time the legislation has been used to force a community buyout of land, and the Scottish government will defend its decision in a case starting at Dundee later. And, if the appeal is denied, lawyers for the trust say it may have a "ground breaking" implications for land ownership in Scotland. Poet's Neuk said the land - at the corner of Greyfriars Garden and St Mary's Place - was gifted to the Fife town by Queen Mary prior to her abdication in group said in recent years it has been the scene of anti-social behaviour and drug taking and also has an issue with vermin. Poet's Neuk was granted planning permission from Fife Council to transform the land - which sits within St Andrews' conservation area - into a public garden, complete with a statue of Queen 2018 it was awarded the right to buy the land under the Land Reform (Scotland) Act 2016.A provision added to the legislation in 2020 stated "abandoned, neglected or detrimental" land can be bought by a community organisation via compulsory purchase if it is judged to be in the "public interest" for it to do was granted to the group in 2023. 'National implications' But lawyers acting for Forthtay, which was previously known as Optimus Fiduciaries Ltd, said several of its previous planning applications for the site were rejected by Fife latest application was for a coffee kiosk on the land inside a converted was unanimously refused after attracting more than 40 also said previous plans to curb anti-social behaviour on the site were turned down by the Law, based in Dundee, warned the outcome of the case would have "national implications".A spokesman said: "The owners are now essentially being accused and found guilty of effectively neglecting the land and thus being required to forfeit ownership against their wishes."This is a groundbreaking case which could have far reaching consequences for many around Scotland."Any property owner in Scotland would be well advised to pay very close attention to the provisions of this act and how this case unfolds."The Scottish government said it could not comment on live cases.
New York Times
13-02-2025
- Business
- New York Times
Stake and Everton: How a porn star led to a Gambling Commission warning
Everton shirt sponsor Stake has left the UK market after the country's Gambling Commission (GC) launched an investigation into the company's advertising conduct. Stake, which has been Everton's lead commercial partner since 2022, will continue to operate internationally but customers in the United Kingdom are already unable to use its site. Advertisement The GC revealed on Wednesday that TGP Europe Limited, which operates Stake's UK site, had said it would stop accepting new registrations and linking from the main Stake website following the start of the probe into a Stake-branded advert featuring a pornographic actress. The GC has said it will now write to Everton, along with Nottingham Forest and Leicester City — who also have betting sites as front-of-shirt sponsors — to warn of the risks of promoting 'unlawful gambling websites' through commercial operations. GO DEEPER Everton warned over Stake sponsorship, Leicester and Forest to also be contacted The Athletic looks at the key questions raised following Stake's withdrawal from UK operations. Stake is an Australian bookmaker and online cryptocurrency casino, founded in 2017. The company's growth has seen it establish footholds in betting markets around the world, including a UK launch in 2021 through the Isle of Man-based company TGP Europe. Commercial partnerships have taken Stake's branding into the Premier League through shirt sponsorships with Watford (that deal has now ended) and Everton, but the betting firm has recently courted controversy after its logo was superimposed on a high volume of online viral videos, including inappropriate and adult content. That led to a GC investigation being launched late last year after Stake branding was included in one 'widely viewed' video that featured porn actress Bonnie Blue shot outside Nottingham Trent University. Stake's UK operations had run under license through TGP Europe, using a 'white-label' agreement that typically allows global gambling firms to set up in the UK at low costs. TGP Europe was fined £316,500 by the GC in 2023 for anti-money laundering and social responsibility failures, although it was not made lear which of its companies were implicated. Stake, meanwhile, courted controversy in 2022 when offering a $10 free bet for any customer who had wagered $5,000 in the space of a week. That social media campaign, which was heavily criticised and later withdrawn, used images of Everton players. Advertisement Stake became Everton's main partner, and front-of-shirt sponsor, in the summer of 2022, agreeing a club-record deal worth in the region of £10million ($12.5m) a year. 'As Everton's main partner, the brand will feature on the front of the men's and women's playing shirts as well as appearing on screens and media backdrops at Goodison Park and Finch Farm and across the club's digital platforms,' a club statement said. The announcement saw Everton accused of double standards in some quarters. In January 2020, then-CEO Denise Barrett-Baxendale said that 'in an ideal world, the club would not be sponsored by a gambling company' and would prefer 'a different type of sponsor'. That May, a deal with Kenyan betting firm Sportpesa was suspended two years early, with the club moving to online car retailer Cazoo. Yet the dial shifted decisively again when Russia's invasion of Ukraine in February 2022 saw Everton cancel lucrative sponsorship deals, worth in the region of £20m a year, with the sanctioned Uzbek-born billionaire Alisher Usmanov, then a close associate of owner Farhad Moshiri. The subsequent move to Stake, they said, came out of a need to plug a commercial shortfall at a time when complying with the Premier League's profit and sustainability rules was a major concern. Stake called it a 'strategic decision' to withdraw from the UK market but rather than waiting for the end of the GC's investigation into its advertising conduct, TGP Europe stated it will be shutting its partner's site. New registrations were immediately stopped, with a final shutdown coming on March 11. By Wednesday evening, though, the site was unavailable in the UK. And there were implications for Everton. The GC said it would be writing to the club 'warning of the risks of promoting unlawful gambling websites'. Advertisement 'The letter will warn that club officers may be liable to prosecution and, if convicted, face a fine, imprisonment or both if they promote unlicensed gambling businesses that transact with consumers in Great Britain,' a statement from the GC read. 'Stake has made a strategic decision in mutual agreement with TGP Europe to exit white-label agreements and focus on securing local licenses through our in-house platform and operations, building upon our growth in key regulated markets such as our recent expansions into Italy and Brazil,' said a Stake spokesperson. In truth, it is too early to say. Even those at the club will still be waiting to see how this plays out. But for now, the sense is that little will change. The early noises out of Goodison were that the partnership was likely to continue, at least for the time being. Everton have a contract to honour — this was announced, in rather vague terms, as a 'multi-year' partnership and such deals usually contain break clauses — and the club insists that it has never actively promoted Stake's UK platform. The focus for now, with Stake having officially exited the UK market, will be on adhering to the GC's regulations. The GC has made it clear that Everton are not the only club that will face scrutiny. Forest, sponsored by Asian sportsbook Kaiyun Sports for the past 18 months, and Leicester, backed by since last summer, will be asked to provide assurances they have 'carried out due diligence on their white label partners' whose names are carried on the front of their shirts. They will need to show geo-blocking of the sites to a UK audience is effective and not easily bypassed through a virtual private network. As is now the same with Stake, neither Kaiyun Sports nor have a license to operate in the UK and the GC has made clear that customers should not be able to access the sites from Great Britain 'by any means'. It is not uncommon for a Premier League club to be backed by a bookmaker that is unavailable to a UK audience. The motives of those companies is primarily to target overseas supporters, commonly based in the Far East. Along with Crystal Palace, who have had Kaiyun Sports as a sleeve sponsor, Forest were warned by the GC that they could be 'liable for the offence of advertising unlawful gambling' if the site was not blocked. Advertisement 'We're of the view that the best way for sports bodies to protect themselves against the risk is to ensure they only promote gambling operators licensed by us,' a GC spokesperson told The Athletic last summer. Forest, who have declined to comment, believe they have since acted proactively to adhere to the GC's requests. Leicester's lead commercial partner registered in the Caribbean nation of Curacao, has encountered problems since entering the Premier League market. A legal case in Curacao had declared the company bankrupt, a decision that was subsequently appealed, with Leicester forced to release a statement insisting remained 'fully committed to meeting their ongoing contractual and financial obligations'. Leicester declined to comment when contacted by The Athletic on Wednesday. The Premier League's 20 clubs came together in April 2023 to vote through a rule that would prohibit any gambling company from becoming a front-of-shirt sponsor from the 2026-27 season. A three-year grace period and then the end of an era. Pressure had come from a review of gambling legislation led by the UK government's department for digital, culture, media and sport (DCMS) and a compromise allowed clubs to continue benefitting financially by carrying the branding of betting firms on the sleeves of kits and perimeter advertising boards. Clubs in the English Football League (EFL) and in Scotland will remain free to have gambling companies as front-of-shirt sponsors. Nine Premier League clubs have a betting company as their main commercial partner, but campaigners have long voiced their concerns over football's dependency on the gambling industry. The Big Step, an off-shoot of the Gambling with Lives charity, has campaigned to end betting advertising in football, which is thought to be worth £60m in annual revenues. They called the decision to move advertising from the front of a shirt to the sleeve 'totally incoherent' when the Premier League voted through its change almost two years ago. Advertisement The latest developments, at the very least, increase the focus on the Stake deal. It would be little surprise if Everton's new owner, The Friedkin Group (TFG), reviewed all commercial deals as part of a drive to increase revenues and capitalise on the upcoming move to the club's new stadium.
